nuclear-news

Indian govt twisting around to get insurance cover for nuclear accidents

“This thing involves large amount of risks. We will have to firstconstitute a pool which will be a member of the larger global pool (of nuclear accident insurance). That is yet to be figured out,”

It is felt that the ambitious programme expected under the Indo-US nuclear deal may not materialise to the desired extent unless there is insurance protection for nuclear accidents.….theIndo-US nuclear deal could open up investment opportunities tothe tune of USD 500 billion over the next decade.

Insurance cover for nuclear accidents likely – Oneindia NewsNew Delhi, Jan 12 Insurance regulator IRDA is inthe early stages of drafting a regulation for covering nuclearaccidents.  The move assumes significance as India is expected to be a major player in this sector after its nuclear deal with US is operationalised.

“We are in early stages (of the regulation). This thing involves large amount of risks. We will have to firstconstitute a pool which will be a member of the larger globalpool (of nuclear accident insurance). That is yet to befigured out,” Irda Chairman J Hari Narayan said.

Speaking to reporters on the sidelines of the IBAI summithere, he also said that the reinsurer General InsuranceCorporation (GIC) is working on the details to provideinsurance protection to such accidents.

It is felt that the ambitious programme expected underthe Indo-US nuclear deal may not materialise to the desiredextent unless there is insurance protection for nuclearaccidents.

According to US-India Business Council (USIBC) theIndo-US nuclear deal could open up investment opportunities tothe tune of USD 500 billion over the next decade.

Insurance cover for nuclear accidents likely – Oneindia News

January 13, 2011 - Posted by Christina Macpherson | business and costs, India